Mortgage rates dropped this week, with the average rate for a 30-year home loan now close to 7%, down from 6.99% to 6.95%. A year ago, the rate was at 6.69%. Factors affecting mortgage rates include the bond market response to the Federal Reserve's interest rate policy and changes in the 10-year Treasury yield, which guides home loan pricing. Yields decreased this week due to economic data indicating slower growth.
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